BTC — Paradex | Documentation

Contract Specifications

Features	Value
Product Type	Perpetual Option
Symbol	BTC-USD-{Strike}-{Type} (e.g. `BTC-USD-60000`-C)
Settlement Currency	USDC
Base Currency	BTC
Quote Currency	USD
Funding Period	24 hours
Price Tick Size	0.01 USD
Order Size Increment	0.001 BTC
Minimum Order Value	50 USD
Maximum Order Size	20 BTC
Maximum Number of Open Orders	100
Position Limit	10 BTC
Spot Band Factor	30%
IV Band Factor	30%
Strike Listing Range	10%
Strike Delisting Range	25%

Mark Price Parameters

Parameter	Value
IV EWMA Factor	20%
Max IV	500%

Cross Margin Parameters

Parameter	Value
Premium Multiplier IMF	100%
Long ITM IMF	20%
Short ITM IMF	15%
Short OTM IMF	10%
Short Put Cap IMF	50%
Premium Multiplier MMF	50%
Long ITM IMF	10%
Short ITM IMF	7.5%
Short OTM MMF	5%
Short Put Cap MMF	50%

IMF = Initial Margin Fraction

MMF = Maintenance Margin Fraction

Order Value → Order Size x Spot Oracle Price (i.e. underlying spot notional)

Spot/IV Band Factors → As opposed to perpetual futures where we have 1 single price band factor, 2 factors are needed (both spot and IV are shocked to get the price band)